# Suzy Financial Model

Suzy is an enterprise SaaS market-research platform that delivers consumer insights (surveys, IDIs, focus groups) in minutes via a proprietary opt-in panel.

- Canonical: https://finamodel.com/startups/suzy
- Excel download: https://finamodel.com/startup-models/suzy.xlsx
- Category: Enterprise/Security
- Model type: SaaS ARR / Valuation
- Funding round: Series D
- Funding: $34M
- Founded: 2020
- Geography: US-focused (Suzy.com, US panel) [DECK slide 7].
- Customer: B2C

## About the company

Suzy is an enterprise market-research platform that delivers consumer insights through surveys, individual interviews, focus groups, and a proprietary opt-in panel. It is designed to give clients research results in minutes rather than through a conventional, slower project process.

The company sells ACV-based subscriptions with a managed-service overlay. Its deck reported $26 million of ARR and highlighted SaaS metrics including 74% gross margin, 4.1 times LTV to CAC, and a 1.52 Magic Number, making a sales-led ARR build appropriate.

The model tracks bookings, ACV, expansion, churn, and managed-service attachment. Panel and delivery costs, sales capacity, gross margin, hiring, and operating expenses turn those commercial inputs into a P&L and cash-runway forecast.

## What's included

- 5-year monthly revenue build with stage-appropriate growth assumptions
- Full P&L, headcount plan, and operating-expense schedule
- Cash-flow statement, runway, and burn-rate tracking
- Valuation via exit multiple with a DCF cross-check
- Returns analysis with MOIC and IRR
- Unit economics including CAC, LTV, payback, and cohort retention

## Product & value proposition

- Core platform: self-serve + assisted-DIY + full-service consumer insights - multiple choice, open-ended, in-depth interviews (IDI), focus groups, video diaries.
- Proprietary panel (formerly Crowdtap): 1.7M registered users, <2% fraud/spam vs. 20–30% industry avg.
- Speed: 500 responses in <30 min, 1,000 in <18 hours.
- Value vs. traditional: full project in 90 minutes at ~7 Suzy questions vs. 19–31 days at $35k–$50k.
- "Insights system of record" positioning: covers concept testing, brand tracking, pricing research, UX, competitive analysis, etc..
- Enterprise security, privacy, and quality built in.

## Revenue model

- Subscription SaaS: customers buy annual contracts (ACV-denominated).
- Panel access is bundled (no explicit cost-per-response billing externally; "Say goodbye to cost per response").
- Service tiers: DIY, assisted-DIY, full-service - mix implied by "Center of Excellence" offering.
- Sales-led GTM: ramped enterprise sales force (9 ramped sellers as of Q1 2021).
- ACV as of Q1 2021: ~$100k (from chart peak on slide 11).

## Traction & metrics

Current Snapshot - June 2021:
- Customers: 250
- ARR: $26MM
- Gross Margin: 74%
- YoY ARR Growth: 73%

ARR trajectory:
- 3 years to $24MM ARR
- Estimated 4 years to $40MM+ ARR

Net New MRR by Quarter (in $000s):
| Quarter | 2019 | 2020 | 2021 | YoY (2021 vs 2020) |
| -------- | ----- | ----- | ----- | -------------------- |
| Q1 | $72 | $59 | $182 | +208% |
| Q2 | $58 | $148 | $280 | +90% |
| Q3 | $150 | $170 | - | - |
| Q4 | $160 | $304 | - | - |
Last 3 quarters (Q4 2020–Q2 2021) up 108% vs. same period YoY.

Pipeline & Sales:
- Opportunity ($) pipeline up 173% entering June 2021
- Suzy.com organic traffic +233% YoY
- TTM Avg. Sales per Ramped Seller: $1.7MM (+71% YoY)
- Opportunity close rate: 51% (vs. 38% prior year)
- Ramped sellers Q1 2021: 9

Audience panel:
- 1.7M registered users
- ~38% YoY panel user growth
- NPS Score: 75
- App Store rating: 4.4; Google Play: 4.0
- 90%+ active user monthly retention rate

## Unit economics

:
- LTV: $251k
- CAC Payback (TTM): 11.3 months
- LTV:CAC Ratio: 4.1:1
- SaaS Magic Number: 1.52
- ACV trajectory Q1 2019–Q1 2021: started ~$85k, dipped to ~$75k, recovered to ~$100k
- CAC trajectory: started ~$70k, fell to ~$45k trough, recovered to ~$63k by Q1 2021

## Competition / moat

- Moat claims: proprietary opt-in screened panel (1.7M users, <2% fraud), speed advantage vs. traditional research agencies (90 min vs. 19–31 days), integrated platform (panel + tech + managed service).
- Comparison framing: "We are not just building advanced research tools" - positioning vs. SurveyMonkey/Qualtrics-style pure-play tools.
- No explicit competitive grid shown.

## Team & funding ask / use of funds

Team (C-suite):
- Matt Britton - Founder/CEO (MRY → Publicis Groupe exit)
- Avi Savar - President (Big Fuel → Publicis Groupe exit; Dreamit VC)
- Nick Gauchat - CPO
- Katie Gross - CCO (ex-Cint SVP)
- Anthony Onesto - CPO (ex-FreshDirect, Zeta Interactive)

Current headcount: ~130 FTEs

Current investors: Foundry Group, Tribeca Venture Partners, Triangle Peak Partners, BDMI (Bertelsmann Digital Media Investments), Rho, The Durant Company.

Funding ask: Not explicitly stated (amount, round label, and use of funds not shown in deck).

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## Recommended financial model

**Archetype + why:** Enterprise SaaS ARR model with headcount-driven cost build. The business is purely subscription ACV-based, enterprise sales-led, with a bundled managed-service layer. The 74% gross margin, LTV:CAC of 4.1x, and Magic Number of 1.52 are all standard SaaS metrics - a classic ARR waterfall + P&L model fits.

**Forecast horizon & granularity:** 3 years (2021–2024), quarterly for Year 1, annual for Years 2–3. ARR bridging monthly is useful given they show monthly ARR bars on slide 2.

**Key drivers & assumptions:**

*Revenue:*
- Starting ARR: $26MM (June 2021)
- YoY ARR growth rate: 73% (2021 actuals); decelerates to ~50% in Y2, ~35% in Y3 as base grows - typical SaaS scaling curve
- Net New MRR per quarter: use Q1–Q3 2021 actuals as anchor; Q4 2021 extrapolated at similar cadence to Q2–Q3 2021
- ACV: ~$100k current; modest ACV expansion of 5–8% per year driven by upsell (managed service attach)
- Customer count: 250 (June 2021); implied new logo adds from Net New MRR / ACV
- Net Revenue Retention: ~115–120% - consistent with LTV:CAC 4.1x and Magic # 1.52; not explicitly stated in deck
- Churn rate: ~8–10% gross logo churn - inferred from NRR assumption above; not in deck

*Gross Margin:*
- Gross margin: 74%; held flat - panel cost is largely fixed/semi-variable, tech margin stable at this scale

*Sales & Marketing:*
- Ramped sellers: 9 as of Q1 2021; hiring plan adds 2–3 sellers/quarter through 2022
- TTM quota per ramped seller: $1.7MM; grows 10% per year as territory matures
- S&M as % revenue: ~40–45% of revenue - typical enterprise SaaS at this stage; no P&L detail in deck
- Opp. close rate: 51%; held flat in model

*R&D / G&A:*
- Total headcount: ~130 FTEs; departmental split based on SaaS benchmarks (~20% eng, ~15% G&A, rest CS/Sales)
- R&D spend: ~20–25% of revenue (typical enterprise SaaS)
- G&A: ~10–12% of revenue

*Unit Economics (for validation):*
- CAC payback: 11.3 months; improves slightly to 10–11 months by Y3 as ACV rises faster than CAC
- LTV: $251k
- SaaS Magic Number: 1.52; model should reproduce this as a check

**Scenarios (Base / Bull / Bear - which variables flex):**
- Base: 50% YoY ARR growth in Y2, 35% in Y3; gross margin flat at 74%; headcount grows in line with ARR
- Bull: Growth sustains at 70%+ (Magic # stays above 1.0, close rate improves to 55%+); ACV expansion accelerates to 10%+
- Bear: Growth decelerates sharply to 30% in Y2 (competitive pressure, macro); gross margin compresses 3–5pp (panel cost inflation); CAC rises

**Required sheets / outputs:**
1. Assumptions - all drivers with toggle for scenario
2. ARR Bridge - quarterly: Opening ARR, New Logo, Expansion, Churn, Closing ARR
3. MRR Waterfall - net new MRR by quarter (mirrors slide 9 actuals)
4. P&L - Revenue → Gross Profit → S&M → R&D → G&A → EBITDA
5. Headcount Plan - by department, cost per head
6. Unit Economics Summary - CAC, LTV, payback, Magic Number, LTV:CAC (quarterly)
7. SaaS KPI Dashboard - ARR, customers, ACV, NRR, gross margin, Magic Number

## Frequently asked questions

### Is the Suzy financial model free?

Yes. The Suzy model is a free Excel download with live formulas.

### Can I change the assumptions?

Yes. The workbook is editable and its live formulas recalculate when assumptions change.